Good Advice From Canda Rozier

One of my favorite parts of each episode of the Procurement Block podcast, is the advice I get from guests. I ask each guest to offer up some advice or a tip that we as listeners can try at work or at home.

During my conversation with Canda Rozier on change management, Canda offered up these words of wisdom:  “Don’t be afraid to fail. Failure is inevitable and you have to figure out how to take that failure and turn it into a foundation for future success.”

I really appreciate this encouragement from Canda as I continue to try new things both professionally and personally. What about you? Do you find yourself being afraid to fail or have you found a way to turn past failures into success?

Hear more from Canda Rozier and our discussion on change management here: https://trustyoursupplier.com/procurement-block/s1e6/ 

Business Benefits from Sustainability Practices (Beyond Compliance)

Long-term business benefits from sustainability practices go beyond checking a box for compliance. Our Trust Your Supplier compliance partner, EcoVadis, offers a fascinating read into the “Compliance Trap” and lays out the many benefits of working with your suppliers for true sustainability improvements. 

https://resources.ecovadis.com/buyers/creating-sustainable-value-avoid-compliance-trap 

#Compliance #Sustainability #Sustainablesupplychains 

How leaders are solving 3 key sourcing and procurement priorities in 2021

As CPOs are determining their upcoming priorities, identifying the biggest focuses for their teams and initiatives will be critical in creating sourcing and procurement success. Here are those key focuses, and how leaders are ensuring they are optimizing them. 

https://www.supplychaindive.com/spons/how-leaders-are-solving-3-key-sourcing-and-procurement-priorities-in-2021/604893/ 

#Blockchain #Innovation #Supplychain 

Good Advice From Joyce Harkness

In the United States, we will be celebrating Thanksgiving this week. Our time is spent sharing food and other traditions with family and friends.  As I’ve been making preparations, I remembered some family-themed advice given to me by Joyce Harkness. 

Joyce joined me on an episode of the Procurement Block podcast and as a single, working mother offered up this tip for managing work and family:  “We have a shared online family calendar. At the beginning of each school year, we would put the usual school and family events in the calendar. And then it helps us then have conversations about who’s attending what.”

Joyce was such a pleasure to have on the show. If you haven’t had a chance to listen to her episode on Supplier Information Management, you can check it on below.

Happy Thanksgiving!

https://trustyoursupplier.com/procurement-block/podcast-s1e4/ 

Preparing for the EU Due Diligence Legislation

Trust Your Supplier business partners provide key data and thought leadership to help our procurement members mitigate risk and stay compliant. EcoVadis, an environmental, social & corporate responsibility partner, offers suggestions of how your company can prepare for the EU mandatory due diligence legislation. 

https://resources.ecovadis.com/blog/mandatory-due-diligence-legislation-eu-developments-member-state-laws-and-how-your-company-can-prepare  

Learn more about EcoVadis’ partnership with Trust Your Supplier at https://trustyoursupplier.com/portfolio/ecovadis/  

#EUlegislation #compliance #ESG  

Good Advice: Supplier Financial Health

Sometimes we have a tendency to put off important, regular tasks as a way of avoiding the possibility of negative information.  Not scheduling a medical check-up  or delaying a review of your bank statement and bills doesn’t change what’s there. It merely limits the time you have to take any needed actions.

A few weeks ago, Eric Evans and I had a conversation about supplier financial health. He gave me and our podcast listeners some really good advice to look “at getting your digital house in order, data hygiene, and then really hooking this into your workflow and process to make it much more automated so you don’t have to think about it.”

Get the boost you need to tackle his suggestions for visibility & monitoring of the financial health of your suppliers – listen here:

https://trustyoursupplier.com/procurement-block/podcast-s1e3/ 

A Fresh View of Data from Global Data Consortium

Trust Your Supplier business partners enrich our procurement members consolidated view of their suppliers for a broader inspection of potential risk.  Global Data Consortium (GDC), a digital identity verification partner, offers a fresh view of data in their blog, “Data Isn’t the New Oil. It’s the New Water & You Want Pellegrino or Evian Instead of Tap.” 

https://www.globaldataconsortium.com/data-isnt-the-new-oil-its-the-new-water/  

#digitalidentity #datasecurity 

Hyperledger Member Summit

Trust Your Supplier’s General Manager, Gary Storr,  provided his expertise on Transforming Existing Markets: Hyperledger Production Networks at the Hyperledger Member Summit.

Blockchain technology provides a lot of value when implemented as part of a digital transformation project – data security, auditing capabilities, and more. “81 of top 100 companies use blockchain technology including Hyperledger Fabric!”

Designed for trust and secure trading, blockchain powers our supplier information management system. Learn more at https://trustyoursupplier.com/about/blockchain/ 

Procurement challenges that could impact business profitability and continuity are solved by Trust Your Supplier

By Praveen Rao
Managing Director, Supply Chain Solutions and Partnerships
IBM Industry Platforms

Today’s businesses are operating in an increasingly complex world in which risk and volatility are putting new pressure on day-to-day business operations. A study by IBM indicates businesses are spending more than 50 percent of their revenues on procuring goods and services from their supplier base. Leading procurement organizations must excel in the fundamentals of reducing cost, ensuring compliance, driving performance and ensuring innovations in the supply base.  

In today’s procurement world, a keystone in the sourcing strategy is to have vendor management methods that foster engaging with the right suppliers at minimal cost. This involves managing all aspects of supplier lifecycle from discovery and qualification to onboarding and monitoring.  

Continuous monitoring of the supplier performance in today’s fast-paced and global environment, along with supplier rationalization as a key piece of strategy, must be considered by procurement organizations to innovate in driving better supplier management. In our conversations with large procurement organizations, these are some of the top procurement challenges for 2021 and beyond: 

  • Reduce spend cost
  • Lack of resiliency in supply chains
  • Lack of risk mitigation around onboarding unfavorable suppliers
  • Outdated procurement systems
  • Lack of analytics for insights around supplier performance
  • Not enough focus on sustainability and diversity of supplier base
  • Dark purchasing that happens outside the approved procurement processes 

So how do procurement organizations drive change to face these challenges? Trust Your Supplier (TYS) works with a network of enterprise buyer organizations to bring digital transformation to their industries. As an integral part of their strategy, the TYS blockchain platform is bringing transparency and supplier visibility at every touchpoint. The supplier owned profile, with information needed for onboarding and qualification, can be cross referenced against industry recognized validators to reduce your organization’s overall procurement cost and to support compliance activities such as diversity, sustainability, cyber security, and anti-corruption. 

TYS boasts a rich marketplace of business partners that cater to evolving risks such as:  supplier Identity, firmographics, financial, sustainability, cybersecurity, governmental sanctions, compliance and screening for undesirable entities.  

Furthermore, TYS has partners into your supply chain resiliency and potential disruptions that could arise from unplanned events such as a pandemic or natural calamities. Marketplace providers offers continuous monitoring capabilities to ensure that your risk data is kept up to date with evolving market conditions. These solutions are offered through free basic data sets, bring your own license, and commercial license purchasing options. 

To learn more about how Trust Your Supplier can help with your organization address these top procurement challenges and bring innovation to your supplier management process, please contact us to speak with an expert.   

Praveen Rao
Email:[email protected]
Twitter:https://twitter.com/prao1